should I apply for an IVA

Mrs_L

I have been in a DMP since April 2011, it is a joint plan with my husband. We have paid £6444 so far but still have £21500 left our estimated completion date is Oct 2034.
I am not happy with the company that arranged the DMP, I have a CCJ as they didn't pass my payments on to the correct company early on in my plan, and then did nothing to recover the payments that they had paid to the wrong company.
Today I get a letter from one of my debtors that my payments are late so have had late charges applied and interest, I rang them to find out what is going on to be told that they contacted my DMP provider in Nov to ask for updated financial statement and they have not heard from them, having spoken to them today, they have agreed to cancel the extra charges but I am really not happy with the way my plan is being handled.
My question is can I change my DMP provider?
Also should we be considering a IVA, we own our home, the debt is not all in joint names. Approx £10500 is just in mine, just over £7000 is joint and about £3500 is just in husbands name.
I worry about spending the next 17 years paying this off, my husband is 51, he will be past retirement age by the time it ends if we can carry on paying at the rate we are.
Should I contact other debt advise agencies to see if there is another option for us

sourcrates

Hi,

Absolutely change DMP provider, please contact either stepchange or payplan who offer free DMP`s, (you should never pay for a DMP).

As you are a homeowner, the only other option for you is an IVA, but there can be quite high fees associated with these arrangements.

I would advise you to get some free advice from one of the debt charities or National Debtline on your options.

If your paying a fee to this DMP provider, then i would advise you to dump them ASAP yes.

fatbelly

A 23-year dmp is and was ridiculous. You seem to be paying around £100 a month and I suspect an IVA would need a little more but maybe not much.

You should start doing some research and have a look at some reputable organisations.

Mrs_L

I am already using one of the free DMP providers you mentioned Sourcrates

Fatbelly yes we are paying £100 a month, we were initially paying a lot more but my husband was made redundant approx. 1 year into the plan so he now earns approx. half of what he used to. I can't remember what the length of the plan was when we set it up but it increased as out circumstances changed.

I think national debtline might be my next place to get more advice.
Thanks for your help

Concerned75

You seem to be paying around £100 a month and I suspect an IVA would need a little more but maybe not much.

I am in an IVA on a min wage job, on my own, owe less than you and never paid as low as £100 in the past 4 years or present day!
I am with Payplan and from day 1, I have always felt that I am paying a lot, based on my personal circumstances.
My advice I would give you, is think very carefully about going into one. Get all the advice from Debtline etc..to make sure it's the absolute only option for you, something I didn't have the option or the state of mind to do, because of my poor health at the time.
Everything is decided in court, where you won't be present to put forward your circumstances or hear what's said and you will ultimately just sign away your land registry documents among other things.
The first couple of years they are nice as pie, but with all debt managements, their attitudes change when you get closer to the end of your term.
I don't want to gloom and doom you, but sometimes the best honest advice are from those that are already there.
Whatever you choose to do, make sure it's the right decision going forward and not just 'right now'

All the best.

fatbelly

The devil's in the detail - start discussing your options.

I'm not a big fan of IVAs usually - I reckon 90% are missold - but your situation seems well suited to one.

I saw a proposal yesterday at 9p in the £. Even with the fees I think an IVA at £100 per month is possible as a ball park figure. And even if it goes beyond 5 years, it won't last 23, like your dmp will.

Concerned75

I'm not a big fan of IVAs usually - I reckon 90% are missold -

I would have to agree with that comment.